On Friday, in a statement Chinese autonomous driving startup Momenta said it has received $500 million from Toyota Motor, SAIC Motor, and Bosch; the move underscores the global auto industry’s push towards an autonomous future.
Other investors in the funding round include Yunfeng Capital, Daimler AG, Tencent, Temasek, said Momenta in a statement without disclose the valuation amount.
Momenta is led by former Microsoft executive Cao Xudong; the startup is testing autonomous cars in Beijing and in the Chinese city of Suzhou; it has a research centre in Stuttgart, Germany.
The startup is working with automakers to develop mass-production vehicles with self-driving functions to harvest real-time data for the fully autonomous driving technologies for future products. Harvesting of data is key as it will enable the company to improve autonomous driving technologies for different environments.
Momenta will use the funds to expand its workforce and gather more data to improve its technologies.
In 2020, Toyota partnered with Momenta to develop a high definition (HD) mapping platform in China for autonomous driving vehicles, a key to allowing such vehicles to locate themselves.